New data released by British Car Auctions (BCA) show that used car values are improving.
Figures released in BCA’s Quarterly ‘Pulse Report’ have revealed that the average value of a used car in the first quarter of 2012 was £6,114 – the highest first quarter figure recorded since Pulse began reporting in 2005.
The figure was £215 (3.6%) higher than last year’s first quarter average, and significantly ahead of the average values being recorded in the pre-recessionary period.
Values increased steadily in all three recognised sectors, ‘fleet and lease’, ‘part-exchange’ and ‘nearly-new’.
BCA’s Tony Gannon said: “There is little doubt the value element of the market has recovered despite the on-going economic issues.
“However, the supply side of the market equation should not be ignored. There have been well reported constraints on supply of the best, retail quality cars and – in a competitive remarketing environment – this is undoubtedly contributing to the general rise in values.”
While values are generally increasing in the used market, the average age of used vehicles is also rising. The average age of a used car hitting the market now stands at 61 months – the second highest figure on record.
Author: Paul WilkinsonNo Comments